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Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
 The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity are seasonality, increased stocks and wet and dry weather conditions in the west and east respectively. While S. America activity has already been ‘’hit’’ by the summer seasonal cool-off, effects of El Nino are still evident on the palm oil exports from SE Asia. Needless to say that the impact of this has resulted in long lists of ships available and has pushed freight rates down to new lows. In the meantime, the CPP market in both the Atlantic and the Pacific has not provided support to Owners looking to escape the dull palm and vegetable oil market and has further extended their feeling of uncertainty.
Against Owners’ expectations, the traditional increase of demand before and after the Ramadan has failed to materialize this year. India and Pakistan, the main demand sources, have been very slow, while Europe and China have also been weak. However, the Middle East and Red Sea markets have experienced healthier activity, still not enough to absorb the ample tonnage around though. Palm oil shipments have been 8.5% lower in June compared to May, forcing a number of Owners to heavily compete for each cargo that becomes available in the market. Hire rates during the past month for the usual long haul MR TC Trip to Med-Continent-USA bss delivery at charterer's preferred load port, have dropped from $16,500 to $15,000 per day at the time of writing, the lowest fixing levels in a long time. As far as the regional SE Asia market is concerned, there has been a slight increase of cargoes quoted as charterers look to replenish their stocks, but overall the market is still far from achieving a balance.
After many months of a rather firm market, freight rates on the edible trade lanes from S. America have softened. Having been the strong leg on the triangulation trade for the dedicated on the edible oil market Owners, it has finally followed the rest of the routes on the downside. This is mainly the result of a sharp decrease in Indian demand, which has been traditionally the main destination of vegetable oils from S. America. However, the recent boost of CPP imports into Argentina has led many ships in the area, building as a result a long tonnage list and causing great supply/demand imbalance. On the other hand, there are serious delays on discharging those ships, which causes increased concern to Owners and Charterers that aim to get ships with firm itineraries. With ample tonnage available we do not expect MR veg oil freight rates to firm over the next few weeks. In fact, it is possible that they will soften further. At the moment, the rate for 40k mtons of cargo to India is about USD 36-38 pmt bss 2/2.
The outlook for the Black Sea/Med market is not very different compared to the previous months. Once again, activity is low and it is mostly small parcels that move around. However, there is better luck for FOSFA accepted vessels which are still in demand and able to negotiate better numbers. Despite the slow market, rates have been stable with the usual route to India on 12,000 tons fixing around $ mid/high 50s pmt bss 1/2.
As the summer months roll on, signs of recovery to 2015 levels remain scarce. More likely, palm oil exports/freight rates to India will remain slow until the next festive season of Diwali in October, as for rates ex-S. America things are more complicated, with Atlantic basket CPP fundamentals most likely being the key factor behind the performance of the market there.
By Stelios Kollintzas
Tanker Chartering - Specialized Products Desk
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 13 July 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 15 MMST IN 2016 AND BY 4 MMST IN 2017
COALspot.com: U.S. coal production in June was 57 million short tons (MMst), a 6 MMst (13%) increase from May and 9 MMst (14%) lower than in June 2 ...
Wednesday, 13 July 16
2015 VS. 2016; THE DRY BULK DEMOLITION DERBY - JOHN N. COTZIAS
In the first half of the year 373 Bulkers and General Cargo ships were scrapped representing 23.8mil tons of dwt carrying capacity.
Comparing ...
Tuesday, 12 July 16
DUE TO LONG HOLIDAYS, CS COAL INDICES HELD AT THE SAME LEVEL OF THE PREVIOUS WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was flat week over week to averaging $39.98 per ton this past week.
Due to the ...
Monday, 11 July 16
COAL MARKETS SAW IMPROVED PRICES IN H1 2016 - SGX'S COMMODITIES MID-YEAR REFLECTION
COALspot.com: Coal
Coal markets saw improved prices in H1 2016 with the benchmark coking coal and thermal coal spot prices rising 18% and 25%, re ...
Monday, 11 July 16
THE MAIN SEA FREIGHT INDEX, BDI ROSE FURTHER ON 8 JULY DUE TO STRONG DEMAND FOR PANAMAX SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.84 percent from las ...
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- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Australian Coal Association
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Parliament of New Zealand
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
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